Introduction to Business Economics

The course aims to provide you with specific tools that will enable you to: ¿ Understanding how firms gain and sustain competitive advantage; ¿ Analyzing strategic business situations and formulating strategy; and ¿ Implementing strategy and organizing the firm for strategic success. Success depends not only on the soundness of the formulated strategy, but also on effective implementation through appropriate organizational choices. This course focuses on strategic decisions, and with both the content of those decisions and the processes by which general managers position the businesses and allocate resources under conditions of uncertainty and competition. This course utilizes various tools, concepts, and analytical frameworks that enhance our ability to define and analyze strategic problems and to identify sources of competitive advantage from both an industry and firm level perspective. To accomplish our objectives, we will use a variety of learning techniques: lectures, outside of class assignments, readings, written reports, presentations, and most importantly, class discussion of case studies.

1. Introduction to Strategy 2. Industry Analysis: 5 Forces 3. Competitive Advantage through Cost Leadership 4. Competitive Advantage trhough Differentiation 5. Competitive Interactions: Anticipating Rival's Reactions 6. Competing in Industries with Network Externalities 7. Corporate Strategy: Vertical Integration 8. Corporate Strategy: Diversification 9. Corporate Strategy: Internationalization

Case Analysis Strategic thinking and analysis are best learned through practice. The capstone business cases we will study concern real-world business situations. These cases are designed to provide you with data on real-life managerial problems, and case analysis is useful as a simulation of actual managerial activity. These integrative cases provide an opportunity to both apply the concepts that we discuss in class as well as to further develop our ability to think about business strategy. How much you learn from these strategic management cases depend on your preparation and active participation. Everyone is expected to participate effectively in each class to comment, question, and analyze. Group Work Discussing cases and preparing analyses outside of class helps to deepen your knowledge about strategic management. Group work will be essential for the major group project. Exam There will be an in-class (closed-book) final exam. This exam will test both your mastery of the concepts and your ability to apply them. Individual Participation Active participation in the class is an essential part of the learning experience. You are expected to contribute both to the case discussion and to discussion during the lecture sessions. In this course, you are allowed to use artificial intelligence tools to assist with your coursework. However, there are specific conditions and expectations associated with its use: Acknowledgment of AI Assistance: Transparency is Key: Whenever you use AI to help with assignments, research, or any course-related tasks, you must explicitly acknowledge this in your work. This could be in the form of a footnote, an appendix, or a statement within your submission that details how AI was used. Understanding and Responsibility: Demonstrate Your Understanding: It's essential that you do not merely present AI-generated content as your own original work. You should be able to explain the reasoning behind the AI's output and critically evaluate its relevance and accuracy. Accountability: You are responsible for the final submission. This means ensuring that the content meets academic standards and is in line with the assignment requirements. You must also verify the correctness of the information and arguments that AI tools provide. Educational Purpose: Enhancing Learning, Not Replacing It: The goal of allowing AI in this course is to enhance your learning experience, not to replace your own analytical and creative abilities. Use AI as a tool for generating ideas, understanding complex concepts, and engaging with the material in more meaningful ways. Ethical Use: Adhere to Ethical Standards: Ensure that the use of AI aligns with the ethical guidelines of academic integrity. This includes avoiding plagiarism, misrepresentation of AI-generated work as solely your own, and any form of academic dishonesty. By adhering to these guidelines, you can responsibly incorporate AI tools into your learning process, ensuring that your educational experience is both enriching and ethically sound.